SBI Home Loan

Home Loan Rates 2017 448 views

SBI offers affordable home loans at low-interest rates and easy documentation facility. The bank also offers home loans under Pradhan Mantri Awas Yojana (PMAY) under the scheme Housing for All (urban). Other than this, there is also the interest surcharge available for the applicants who fit into the criteria under Credit Linked Subsidy Scheme (CLSS) for EWS/LIG/MIG. There is also no fee as in no SBI switchover fee is applicable for the balance transfer facility. Read more to know about SBI home loans.

Home Loan

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    SBI Home Loan Interest Rate 2017

    ParticularsDetails
    Interest Rate8.35% - 8.65%
    Loan AmountCustomized
    TenureUp to 30 Years
    Processing Fee0%
    Pre-closure Charges0%
    Partial Pre-Payment Charges0%

    SBI Home Loan Processing Fee

    There is no processing fee for Home Loans and Home Top-up Loans (both Takeover and New) sourced for the period 01.09.2017 to 31.12.2017 provided the loans are disbursed fully/partially on or before 31.01.2018. Also, SBI levies 0% processing fee for all Central / State Govt. Employees. There is also no processing fees and hidden charges on the balance transfer. So, if you have an existing home loan, you can go for balance transfer without paying any extra charges.

    SBI Home Loan EMI Calculator

    The home loan EMI Calculator is one such effective tool that allows you to calculate your EMIs instantly in a simple and hassle-free manner. This tool takes into account the following details:

    • Loan Amount
    • Tenure
    • Interest Rate

    On the basis of the above data, you get the details of the EMI payments and also the balance amount details on yearly basis. You can use the calculator to anticipate the future payments towards the settlement of your home loan.

    SBI Home Loan Eligibility Criteria

    SBI provides home loans to salaried, self-employed, employees of central/state government, self-help groups and defense personnel belong to army, navy and air force. Moreover, if you fall under this criteria, it is easy for you to avail the home loan from SBI. The bank will be more than happy to fulfill your wish of owning a dream home by offering you the loan, meeting your criteria. For your reference, below is the table showing SBI Home Loan Eligibility.

    CriteriaSalariedSelf-employed
    Age18 Years-70 Years21 Years-70 Years
    Income₹1,80,000 (p.a.)₹1,80,000 (p.a.)
    Loan Amount OfferedCustomizedCustomized
    Tenure30 Years30 Years
    Current Experience2 Years3 Years

    How to apply for SBI Home Loan Online at Wishfin

    If you want to avail a home loan from SBI, the most convenient way is to apply online at Wishfin. The home loan experts at Wishfin make sure you get lowest SBI home loan interest rates along with instant approval facility. You can visit the website and apply for SBI home loan online. Since the documentation required to apply for the loan is simple, the home loan department makes it easier for you to get the best home loan. So, if you want to get lowest home loan rates, apply at Wishfin.

    SBI Home Loan Documents

    To avail SBI Home Loan, it is highly important for you to be ready with a complete list of documents so that loan application can easily be processed further. To know about the complete list of documents required for SBI home loan, read this article below.

    SalariedSelf-employed/Professionals/Other IT Assesses
    Duly filled loan applicationDuly filled loan application
    3 recent passport size photographs3 recent passport size photographs
    Identity proof (Aadhar Card/Voter ID card/Passport/ Driving licence/IT PAN Card)Identity proof (Aadhar Card/Voter ID card/Passport/ Driving licence/IT PAN Card)
    Residential proof (Aadhar Card/photocopy of recent electricity bill/telephone bill/property tax receipt)Residential proof (Aadhar Card/photocopy of recent electricity bill/telephone bill/property tax receipt)
    Proof of business address for non-salaried individualsProof of business address for non-salaried individuals
    Bank statement/Pass Book of last three monthBank statement/Pass Book of last three month
    Signature identification from present bankersSignature identification from present bankers
    Personal Assets and liabilities statementsPersonal Assets and liabilities statements
    Original salary certificate from employerAcknowledged copies of three years IT return/Assessment orders
    TDS certificate on Form 16 of IT return for last two financial years, duly acknowledged by IT departmentPhotocopies of challans evidencing payment of Advance Income Tax

    Additional Documents Required from Guarantor

    SalariedSelf-employed/Professionals/Other IT Assesses
    Duly filled loan applicationDuly filled loan application
    3 recent passport size photographs3 recent passport size photographs
    Identity proof (Aadhar Card/Voter ID card/Passport/ Driving licence/IT PAN Card)Identity proof (Aadhar Card/Voter ID card/Passport/ Driving licence/IT PAN Card)
    Residential proof (Aadhar Card/photocopy of recent electricity bill/telephone bill/property tax receipt)Residential proof (Aadhar Card/photocopy of recent electricity bill/telephone bill/property tax receipt)
    Proof of business address for non-salaried individualsProof of business address for non-salaried individuals
    Bank statement/Pass Book of last three monthBank statement/Pass Book of last three month
    Signature identification from present bankersSignature identification from present bankers
    Personal Assets and liabilities statementsPersonal Assets and liabilities statements
    Original salary certificate from employerAcknowledged copies of three years IT return/Assessment orders
    TDS certificate on Form 16 of IT return for last two financial years, duly acknowledged by IT departmentPhotocopies of challans evidencing payment of Advance Income Tax

    SBI Home Loan Schemes

    SBI offers various home loan schemes to all its customers so that they can choose from plenty of options. All these home loan schemes come with easy repayment options, competitive interest rates, nominal fee & charges. To know more about these schemes, kindly go through this article below.

    SBI Flexipay Home Loan

    SBI Flexipay Home Loan is available for salaried and working professional/executives. Salaried applicants with minimum 2 years of experience, aged between 21-45 years are eligible to avail the loan under this scheme. This loan scheme is available with a maximum repayment period of 25-30 years with a loan amount of ₹20 Lakh or above.

    SBI Maxgain-Home loan available as an overdraft

    You can avail this scheme to get the loan amount of above ₹20 Lakh & there is no maximum limit available for obtaining home loans under SBI Maxgain scheme.

    NRI Home Loans

    This home loan scheme is available for Non-Resident Indians (NRIs) as well as for Persons of India Origin (POIs), having regular source of income. To avail the same, the minimum employment tenure in India/Abroad is 2 years, whereas as far as the loan amount is concerned, there is no maximum limit for the same.

    SBI Realty

    You can avail this loan to purchase a plot so as to start the construction of the house. But it comes with a condition i.e. the construction of the house should commence within 2 years from the day you availed the loan under this scheme. Maximum loan amount offered under this scheme is ₹10 crore upto a repayment period of 15 years.

    SBI Pal

    Under this scheme, the home loans can easily be sanctioned to the borrowers before the finalization of the property, which also enables the borrowers to do the negotiation easily. The eligibility will be decided on the basis of income details provided by the applicants. SBI Pal home loan scheme is available with a minimum loan amount of ₹10 Lakh.

    SBI Tribal Plus

    This home loan scheme from SBI has been thoughtfully designed for people living in hilly/tribal areas so as to extend their financial assistance. Usually, in these areas the mortgage of the property is not easily possible, thus keeping this thing in mind, SBI has come up with this scheme. You can avail loan from this scheme to purchase or construct a home/flat without mortgaging the land. The maximum loan amount that you can get is ₹10 Lakh for a maximum repayment period of 15 years.

    SBI Privilege Home Loan

    Employees of Central/State Governments including PSBs, PSUs and other individuals with pensionable service. Maximum loan tenure is 30 years with repayment upto the age of 75 years. You can also opt for the balance transfer, and switch your existing home loan to SBI.

    SBI Shaurya Home Loan

    Those who are in defense personnel belonging to Army, Navy and Air Force are eligible to avail the home loan under this scheme. You can also opt for balance transfer in order to reap the maximum benefits of this scheme. Under this scheme, you can repay the same at an age of 75 years with maximum loan repayment period of upto 30 years.

    SBI Bridge Home Loan

    At SBI, the maximum loan amount that you can get is 80% of the value of the property and the rest 20% of the amount is to be deposited by the borrower himself. However, SBI Bridge Loan is the facility under which you can get the loan for the rest 20% as well. This is a short term loan which helps the borrower to buy their dream home without being worried about any down payment. The maximum tenure for this term loan is 2 years and the interest rate applicable is marginally higher than the normal home loan interest rate.

    SBI Home Loan Status

    In order to know your SBI Home Loan Status, you can visit the official website of the bank or contact Wishfin home loan executive. The executives are there to help you track the status of your home loan application. You need to have the application ID to know the status.

    SBI Home Loan Customer Care

    If you have any home loan related query, you can also contact the nearest SBI branch. You can also dial a toll-free customer care number-1800 425 3800.

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